PUNE ROC Penalty order for violation of Section 177 (Audit Committee) of the Act in the matter of Precision Automation and Robotics India Private Limited

Company Law Adjudication & Appeal

PUNE ROC Penalty order for violation of Section 177 (Audit Committee) of the Act in the matter of Precision Automation and Robotics India Private Limited

The applicant company and its officers, who have defaulted the provisions of section 177 of the Act as the company has defaulted in appointment of Independent Directors on the board and has failed to constitute proper balance of Executive and Non-Executive Directors on Board of the Company which resulted in default in constituting Audit Committee as per Section 177 of the Companies Act, 2013 r/w rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 and are liable for penalties under section 178(8) of the Act w.e.f. 01st April, 2015 to till date.

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